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EURAUD broke a significant level of support and produced some good-looking bearish H4 candles yesterday. The price has been on a correction so far today. However, the price is right there where the breakout level is. This means if the level is held and the pair produces an H4 Bearish Engulfing Candle right at that level, then selling the pair would get us some green pips. Let us have a look at the H4-EURAUD chart…
EURAUD Price Action Analysis – 21st Sept 2017
Have a look at those H4 bearish candles. The price breached through the level of 1.48750, which was a support level where price got bounced number of times. The breakout candle and overall selling pressure is good as well. Now what sellers have to wait for here is an H4 Bearish Engulfing Candle to take a sell entry. Let us have a look at the summary of the trade…
- Sell Limit Order: 1.48750
- Stop Loss Level: 1.49500
- Take Profit Target: 1.47500
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
The current candle might not be the Engulfing candle that we are aiming for. As far as I am concerned, it might come out as a Doji candle or a bearish candle with a short body. Thus, we must keep our eyes on the chart once the current H4 candle finishes. If it is an Engulfing bearish candle, we take our sell entry. If it is not, then we wait for the next one to take the entry. If we get an inside bar (bearish), we had better avoid taking the entry.
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